I have my first deal
Well this is the situation. A friend of mine bought a house 2 years ago and he fell behind on his mortgage and he just wants out of the property. He don't want any profit just someone to take over his payments. I explained to him that I was getting into real estate investing and he said I can take his house for my first deal.
Well he bought the house for $61k and now he owes around $52k the house needs some work in the bedrooms. It is a 3 bedroom and 2 of the bedrooms are halfway done well actually the whole upstairs could be finished. Well his monthly payments are about $530 per month and I don't know what i should do with it. I want to get this deal so I can get $Cash$'s course. What should I do with this property. I feel the payments will be to high to do a subject to and their is no rei clubs in my area where i can network with other investors. How should I handle this deal? What info should I gather to make this deal work?
i would think you could rent a 3 bed/2 bath house for at least the amount of the payment.